Sberbank grants the first Russian cryptocurrency-backed loan to Bitcoin mining company Intelion Data

Source: Yellow Original Title: Sberbank grants Russia’s first cryptocurrency-backed loan to Bitcoin mining company Intelion Data

Original Link: https://yellow.com/es/news/sberbank-otorga-el-primer-prcryptocurrency-backed-loan-to-bitcoin-mining-company-intelion-data Sberbank has issued Russia’s first corporate loan backed by cryptocurrency collateral.

The country’s largest bank extended financing to Intelion Data, one of Russia’s leading Bitcoin mining companies.

The pilot transaction uses mined digital assets as collateral.

Sberbank did not disclose the loan amount, the size of the collateral, or the duration.

What happened

Intelion Data pledged cryptocurrencies from its mining operations as collateral for the loan.

Sberbank secured the digital assets using its proprietary custody solution Rutoken.

The system locks the collateral throughout the loan period to prevent unauthorized access or use.

Vice President Anatoly Popov said that digital currency market regulation is still in the early stages in Russia.

The bank is prepared to work with the Central Bank of Russia to develop regulatory frameworks and infrastructure for similar services.

Timofey Semenov, CEO of Intelion Data, described the transaction as a significant practical example for the industry.

He noted that the deal indicates Russia’s cryptocurrency market is reaching maturity.

If proven effective, the financing structure could be expanded across the Russian mining sector.

Sberbank emphasized that the product could go beyond miners and extend to any company holding cryptocurrencies on its balance sheet.

In early December, the bank announced it was testing decentralized finance instruments.

Why it matters

The transaction marks the first integration of cryptocurrencies into traditional corporate banking practices in Russia.

Russia legalized industrial cryptocurrency mining on November 1, 2024.

The country controls approximately 16% of the global Bitcoin (BTC) hashrate.

Sberbank’s pilot provides regulators with operational data to develop clearer guidelines on digital asset collateral.

The bank already offers its clients structured bonds and digital financial assets with investments in Bitcoin and Ethereum (ETH).

Russia has accelerated cryptocurrency adoption following its exclusion from the international SWIFT payment system.

The Central Bank of Russia reported a successful pilot of the digital ruble involving 1,700 people from 15 banks and about 30 companies.

The pilot allows Sberbank to test technical and regulatory frameworks while maintaining full control over the collateral.